Why even small companies benefit from a reliable, professional HR solution.
We understand the priorities of small businesses: cost-effectiveness is key to ensuring your business continues to thrive. But while many small business owners forgo the bells and whistles of fancy office spaces or the newest technology, investment in Human Resources is almost always worth the cost.
Contrary to popular belief, HR isn’t only necessary for legal compliance or when issues arise. Quite the opposite: a solid HR solution improves employee satisfaction and can improve the overall company culture. These results alone save you time and money so you can focus on what really matters: managing your small business.
Maintain Legal Compliance
Anyone who has taken a look at the US Department of Labor’s website will know that maintaining compliance and keeping track of regulations is no easy feat. From employee documentation to hiring and firing practices, there are extensive requirements and paperwork required for any company with employees, regardless of the size.
An HR solution dedicated to ensuring your company complies and increases the legitimacy of your business as you, onboard new employees. Furthermore, the ramifications for being out of compliance aren’t cheap! In some situations, the Department of Labor can penalize up to $1000 per workplace violation. The easy solution? Have a dedicated team or a third-party solution that ensures you comply.
Increase Employee Satisfaction
Something is exhilarating about working at a small company: the intimate atmosphere, the diversified tasks, and the ability to be involved in several parts of the business. But employees who come to work at a small business for the excitement are not looking for spontaneity when it comes to their benefits or their paycheck!
An HR solution allows your team to feel confident in the stability of their job, and r assured that their paycheck will arrive on time. A study conducted by Forbes suggested that employees who feel their voice is heard are 4.6 times more likely to perform their best work. This means that a Human Resource solution where individuals can voice concerns, ask questions, and be met with efficient answers and solutions allows for increased productivity from your number one asset: your employees.
Improve Company Culture
Culture seems to be a buzzword in the business world lately, and for good reason! Dissatisfied, burnt-out employees cost their employers money, and it is no small sum. This same Forbes study suggested that disengaged employees cost U.S. companies up to $550 billion a year. What does that mean for small business owners? Keeping employees engaged should be at the top of your to-do list, and that is exactly what an HR solution provides.
Human Resources allow a company to emphasize its mission and vision by integrating the company’s values throughout the workplace: from workplace issues to wellness and rewards programs. Employees who feel valued, respected, and held to high standards are more likely to stay engaged in their work and encourage a positive culture.
An HR Solution for Small Business Owners
At the end of the day, even the most seasoned small business DIYer can use a little help when it comes to areas as critical as HR. Whether you need a team to handle your benefits, payroll, or a comprehensive package that ensures all of your Human Resource needs are covered, One Point has a solution. From the legal ramifications to the improved employee experience, a solid HR solution can be a game-changer when it comes to your business: saving you time and money, and ensuring your top talent is here to stay. We have the best HR services in Denver!
If you are curious to learn more about how OnePoint can help you manage your Human Resource department, reach out! We love helping make your life easier, one employee at a time.
The Three Levels of HR Costs
Why your Human Resource costs may be more significant than you ever expected, and a cost cutting solution for your HR department.
Regardless of the size of your company predictable costs are key to sustainable growth. Yet, most businesses substantially underestimate their HR costs, which can lead to some unpleasant financial surprises. It’s true, many companies overlook the fact that the cost of Human Resources doesn’t end with the cost of benefits. The cost of HR administration and intangible HR costs, (such as employee turnover, disputes, litigation) must also be included when considering the overall cost of HR.
If considering these costs causes your heart to speed up and results in a nervous sweat, we understand taking care of your employees is expensive! Fortunately, there is a professional, sustainable solution for reducing the costs so many of us overlook. The result is happy employees, full compliance, and an HR budget that doesn’t break the bank. Here are some tips from us, a Denver HR outsourcing firm.
The Cost of Benefits
Benefits are expensive, and oftentimes a major selling point when it comes to encouraging top talent to join your team. This cost may include health plans, health savings and reimbursement accounts, dental and vision plans, long-term disability, 401(k) and profit-sharing plans, life insurance, and more.
The Bureau of Labor Statistics estimates that in 2021, benefits accounted for 31% of employee compensation costs. This major price tag is most likely why many companies rely heavily on this estimate when calculating their overall budget, but it does not paint the whole picture of human resource expenses.
The Cost of HR Administration
If you conduct your HR in-house, don’t forget to include the cost of your HR employee’s salary into your budget! According to Payscale, the average cost of a Human Resource administrator is just over $50,000. And if you plan on growing significantly in the future, the cost of hiring another HR rep should also be added to your bill.
Before you begin to pile HR duties onto your plate to save a buck, consider the time and money saved by having a dedicated HR solution at your company, regardless of its size. HR is an integral part of a thriving business, and professional talent is key to ensuring employees stay happy, and your company stays in compliance.
Intangible HR costs
Intangible HR costs can be difficult to estimate because they often come as a surprise or pop up when least expected (consider all your HR costs associated with navigating the Covid-19 pandemic!) Because of this, intangible HR costs are one of the most challenging aspects to plan for.
These costs may include employee turnover, disputes, and litigation. Low production and low quality of work are also considered intangible costs (and are often associated with low employee morale, a side effect of an ineffective HR solution) You don’t know what the future holds, so estimating these kinds of costs can be especially daunting, time-consuming and expensive!
A Sustainable Solution for Cutting HR Costs
There is a solution for high-quality human resource solutions that put professionalism at the forefront while saving you money. Comprehensive, outsourced HR solutions, such as those offered by OnePoint can effectively reduce the costs of benefits, administration, and intangible HR costs by allowing any organization to have the level of care and services of a human resources department within a large corporation. The result is decreased cost across all three levels of HR costs.
Your HR solution shouldn’t break the bank. There is a professional, no-hassle way to give your employees the care they deserve. When you are ready to understand what type of HR solution may be most beneficial for your business, reach out! Helping you save money while taking care of your employees is what we do best.
The OnePoint Difference
Your business is unique. Shouldn’t your HR solution be, too?
In our post-pandemic world, it is more important than ever for companies to have access to high-quality and comprehensive human resource solutions. Whether your organization is looking for a modern way to take care of payroll and HR logistics or is a new startup ready to provide their employees with quality resources, one thing is for certain: different companies have different needs. At OnePoint, we provide solutions as unique as your business with a track record to match.
From our boutique feel to our customizable options and cost-effective strategies, it is no wonder that OnePoint stands out in the world of HR solutions. It’s what we call the OnePoint difference.
Difference #1: Boutique Feel with Corporate Longevity
An accountant by trade but an entrepreneur at heart, OnePoint CEO John Smith is passionate about giving customers the personalized care of a boutique firm with the confidence and longevity of an established business.
“We serve clients around the nation but we are a locally grown and controlled company,” says Smith about his Colorado-based company. The locally grown and carefully tended aspect of OnePoint is seen in daily operations and customer interactions: you won’t be experiencing wait times or canned responses. Instead, the needs of each individual client are considered, and a solution is developed based on their goals.
“With us, you get an integrative, streamlined approach where every client and every employee matters,” Smith concludes.
Difference #2: Customize, Curate, and Personalize
If you have experience with a PEO company in the past, you will know the struggle of getting exactly what you need. At OnePoint, there are no packages that force you to take on more services than what you need. Instead, the company provides a whole menu of services, and clients can choose exactly what resonates with the current needs of our company.
At OnePoint, we believe flexibility is key for achieving growth, no matter the size of your business or how long you have been operating. Whether a client needs a one-off service or comprehensive HR management solutions is up to them. It is our job to give them the quality service they need when they need it.
Difference #3: Low cost, high performance.
At OnePoint, our costs are below industry standard but our performance consistently ranks above. This is because we are a service-focused business that prioritizes the customer and their cost savings rather than the bells and whistles that can increase costs while decreasing effectiveness.
Our strategy is to pass cost savings on to customers in any way that we can. This means that we do not spend money on advertising and instead rely on superior service as our marketing tool. Every penny saved is a way for us to serve our customers at a better price.
Are you ready for the OnePoint Difference?
For most businesses, staying in compliance with HR and payroll standards is not an option. However, when determining which firm prioritizes your needs, the choice is up to you. From PEO-Comprehensive HR support to payroll, onboarding, and competitive benefits, OnePoint offers you a solution that puts your company in the driver’s seat.
When it comes to providing customized solutions you can trust, we hope you will find value and support in the OnePoint difference.